Her Excellency H.E. Oh Youngju, the Korean Minister of Startups and Small and Medium Enterprises, emphasized that innovation knows no boundaries and that startups are shaping the global landscape, highlighting the significant expansion of tech companies worldwide.

During her participation in Biban24, she noted that 18% of venture capital has been invested in artificial intelligence, representing a major shift in technology. She pointed out that startups in Europe have transformed the industry by leveraging generative AI.

She stated that Biban has become central to strengthening the Kingdom's position as a startup hub since the launch of Saudi Arabia’s Vision 2030, which prioritized technology and an innovation-based economy. Biban welcomed nearly 1,400 investors and startups in the Kingdom last year.

The minister also discussed the contribution of Korean companies to the startup ecosystem in Saudi Arabia, noting that both Korea and Saudi Arabia share a commitment to empowering youth through the rapid growth of the startup environment that has driven economic transformation. She praised the significant and pivotal role played by startups in the Kingdom's economy.